The recent run-up in home prices and relatively stagnant growth in wages have left homes in Portland and other parts of Oregon less affordable than their historical average, according to a new report.

The real estate data firm RealtyTrac calculated the percent of the median household income it would take to buy a median-priced home. In Multnomah County, that's now 31.8 percent of the typical family's income.

That's well below the 43.6 percent needed when prices peaked during the housing bubble. But it's also edged above the 14-year average of 31.7 percent.

Home prices continue to climb. That, paired with rising interest rates, will only further curb home affordability until wages start to catch up or home prices drop.

Falling home prices during the collapse of the housing bubble, paired with mortgage rates kept low by the Federal Reserve's stimulus, brought about a period of historically affordable homes.

But that came in a time when few were in a position to buy. Financing remained out of reach for those without a substantial down payment and good credit.

None of the 1,200 counties analyzed by RealtyTrac have returned to the low affordability seen during the housing bubble.

"The scales are beginning to tip away from the extremely favorable affordability climate we've seen over the last two years," said RealtyTrac Vice President Daren Blomquist.